Live Gujarat Election Results 2017: Sensex, Nifty Surge; Adani Stocks Jump

The data of Gujarat Election Results available till now has managed to calm the market's tempers as BJP is now placed in a comfortable lead over Congress. The market is now so relaxed that not only the early losses have been pared, but market indices are moving up (around 0.67%). Counting of votes in Gujarat and Himachal Pradesh started at 8 AM and the data available till now suggests a comfortable win for BJP in both the states, though Congress is leading in over 75 seats (out of 182) in Gujarat. Analysts had predicted that a big win for BJP in the Gujarat election will add to the momentum the party got with its sweep of Uttar Pradesh earlier this year. Analysts say that market is factoring in a win for the BJP in the Gujarat election. Exit polls also predicted a win for the BJP in the Gujarat and Himachal Pradesh elections.

12.45 pm: Adani Enterprises shares hit their 52-week high on NSE. The scrip touched Rs 166.45 surpassing its previous 52-week high of Rs 162 on November 20. Similarly, Adani Ports registered a considerable rise of 2.83% to trade at Rs 413 on BSE. Adani Power posts 3.26% jump in the intraday trading to trade at Rs 36.40 on BSE.

12.15 pm: Forty three stocks hit all-time highs on BSE. Some of these stocks include Adani, Dynamic Cables, Graphite India, among others. Some 19 NSE stocks hit their 52-week highs. Sensex trades at 33,742.35 points, 273 points higher while Nifty trades at 10,425.25, 92 points higher.

11.30 am: The Indian rupee (INR) pared nearly all of its sharp losses early on Monday, as it became clear that Prime Minister Narendra Modi's BJP would comfortably win an election in Gujarat.

At around 9.20 am, the rupee was down as much as 1.1 percent, its biggest intraday loss since May 18, as initial counting showed a close fight between the ruling BJP and the main opposition Congress. Later, three news television channels said the BJP won more than 100 of 182 assembly seats. At 11.16 am, the rupee was down just 0.1 percent. "This election in Gujarat is like a barometer gauge said Christopher Wong, an FX strategist with Malayan Banking. "Fears of an upset election dissipated as Modi was set for a win"

11.25 am: Sensex stays higher for over an hour now in a stark departure from the early market volatility when the 30-share index fell by over 800 points. Sensex rises 222 points, or 0.66%, to trade at 33,685 points. The NSE Nifty rises 69 points, or 0.67%, to trade at 10,402 points.

11.00 am: Sensex is higher by 265 points while Nifty rises by 92 points. BSE healthcare, BSE metal and BSE auto indices rise by 1.27%, 1.92%, 1.39%, respectively, while BSE power, BSE realty and BSE IT stocks post gains to the tune of less than 1%. M&M and Sun Pharma are the maximum gainers as the scrips rise by 3.5% and 2.3%, respectively.

10.45 am: Barring IT stocks, all other major Nifty indices rise. The Nifty IT index falls 0.04% while all other Nifty indices. Nifty metal index rises by 1.58%, while Nifty pharma is up 0.97%. Nifty auto index is higher by 0.85%. Sensex is higher by 219 points while Nifty is higher by 61 points.

10.20 am: Sensex is higher by 193 points, 0.58% higher, to trade at 33,656 points. The Nifty is higher by 55 points, 0.53%, to trade at 10,388 points. Only five Sensex stocks are in negative while the remaining 25 stocks are in green. Maximum gains are posted by M&M, Adani Ports, Tata Steel, HDFC Bank and Asian Paints.

10.05 am: Sensex rises 80 points to trade at 33,543, while Nifty rose 20 points to trade at 0.19%. All stocks that had fallen early morning trade have now recovered and trade in green. The stocks such as Adani Ports, ICICI Bank, Airtel and HDFC Bank are trading higher.

10.00 am: The rupee plunged 68 paise to 64.72 against the dollar on Monday after early trend suggested that the BJP and the Congress are neck and neck in Gujarat Assembly sweepstakes after one hour of counting of votes. The Congress is leading in 7 seats while the BJP is leading in 6 in the Himachal Pradesh Assembly polls as early trends poured in.

9.38 am: Sensex pares some losses and now trades only 84 points down, 0.25%, at 33,379 points. Nifty trades only 97 points down to trade at 10,236 points. A few stocks come in green. The stocks that post gains include SBI, Sun Pharma, M&M and Asian Paints.

9.25 am: Sensex fell to 32,596 points, 867 points lower, against the previous session's closing. The market opened at 33,364.52, 98 points lower than the Friday's closing. The Adani stocks fell 4.8% to trade at Rs 383. The other stocks that posted major losses are Bharti Airtel, ICICI Bank and Coal India that posted the losses to the tune of 2.5% to 3%.

Not even a single Sensex stock posted gains on Monday morning. Telecom and realty stocks posted maximum losses to the tune of 3-3.5%. Banks and financial stocks also plunged. BSE finance and BSE banking indices posted losses to the tune of 2.4% and 2.47%, respectively. At 9.20am, BJP leads in 91 of the Gujarat's 182 seats, the Congress in 84, with the latter gaining in 23 seats that it had lost last time. The BJP is trailing in 18 seats it had won in 2012.

9.14 am: Sensex loses 98 points to trade at 33,365 points. Nifty loses 70 points to trade at 10,263 points as Congress rebounds and is ahead in 80 seats in comparison to 89 by BJP

8.43 am: Sensex and Nifty are expected to surge as the PM Modi-led Bharatiya Janata Party (BJP) is expected to get victorious in Gujarat and Himachal Pradesh Assembly elections, as the early data suggest. The real estate companies may be under pressure on Monday after the cabinet on Saturday approved the GST anti-profiteering body which is likely to crack down on the realty firms for not passing on the benefits of lower GST tax rate.

8.21 am: BJP is ahead on 32 seats while Congress is ahead on 7 seats in Gujarat.

7:45 am: Analysts says that the trading sentiment in the stock market this week will be driven by the election results in Gujarat and Himachal Pradesh. Besides, the Gujarat election, Investors will also be keeping an eye on global factors like the progress on US tax reforms and crude oil prices. "The cues from winter session (of Parliament) will also be closely followed. Any deviation from exit polls could negatively impact the market sentiment in the near to medium term," said Vinod Nair, Head of Research, Geojit Financial Services.

Teena Virmani, vice president of PCG Research at Kotak Securities, said, "Globally, eyes would be on US tax bill related developments as well as on crude prices." Over the last week, the Sensex notched up a significant gain of 212.67 points, or 0.63 per cent. The Nifty was up 67.60 points, or 0.65 per cent.

Only for a week the market will be active after which year-end holiday mood will grip the whole world, say analysts.